The evolution of forensic investigations 

Article sections:

1. A mixture of human and artificial intelligence.

Fraud scenarios appear, spread and mutate in a flash, aided by fraudster technology, ambitions and ingenuity. A clear problem organisations are facing in highlighting, investigating and combatting fraud is that there are more fraudsters than companies. A single internal fraud case can cost a normal company up to 5% of its annual income. The world is teeming with talented and motivated fraudsters, many of whom represent a real danger. And all many of them really need is a connection and computer.

2. Overcoming data problems in forensic investigations.

The methods companies traditionally use to fight fraud quickly become obsolete, as the frequency and ingenuity of fraud cases continue to grow. Local and overseas criminals have a number of tricks up their sleeves, whether their target is fraud in purchases, employee costs, financial reporting, bribery and asset misappropriation, such as intellectual property or data theft. These types of threat alone can convince companies to consider new approaches to how they combat fraud and manage corporate risk. At the same time, compliance has also raised the stakes.

3. Overcoming technical issues in analytical investigations.

Fraud can be simple, like a double payments. It can also be very subtle, when fraudsters set up a complex chain of linked transactions and schemes devised by third parties. Whatever form fraud takes, it is always used to deplete corporate assets and threaten people’s means of support. And as fraudsters expand their repertoire, organisations are forced to use integrated data analysis tools to discover potentially fraudulent transactions.

4. Continuous fraud monitoring and forensic investigation.

An call to a hot line prompts an investigation into tender fraud. A salary analysis discovers “ghost employees”. A supplier audit suggests possible commercial collusion. Any act of fraud, whether internal or external, successful or unsuccessful, forces an organisation to resolve critical issues. Who was involved? What is the damage to the company? How long has it been going on?

5. Forensic analytics in fraud investigation.

Highlighting rare events that may bring down a business.In abstract terms, a “rare event” is a simple event that does not occur often. In the real world, this kind of dry modernism may cause serious damage and have far-reaching consequences. A rare event can take the form of wide-ranging affliction, such as a fatal storm, epidemic or financial crisis. For businesses, a rare event may be a cyberattack or employee fraud, or alternatively market product shortages that threaten transactions, profit or brand. Improper subcontractor actions may even create new risks of a failure to observe requirements for you and other members of the supply chain.